United Technologies Corporation
provides high-technology products and services for the aerospace
and commercial building industries worldwide. In 2014, UTC net
sales were $65.1 billion.

Amounts include company- and customer-funded research and development.

The increase in the 2012 debt to capitalization ratio reflects debt issuances to finance the Goodrich acquisition.

NET SALES

Dollars in billions

DILUTED EARNINGSPER COMMON SHARE

Dollars per share

CASH FLOWFROM OPERATIONS

Dollars in billions

RESEARCH ANDDEVELOPMENT1

Dollars in billions

DIVIDENDS PAIDPER COMMON SHARE

Dollars per share

DEBT TO CAPITAL2

Percent

Amounts include company- and customer-funded research and development.

The increase in the 2012 debt to capitalization ratio reflects debt issuances to finance the Goodrich acquisition.

Businesses in Balance

UTC's portfolio is balanced across customer segments, markets and geographies.

NET SALES BY TYPE

as a percent of total net sales

NET SALES BY GEOGRAPHY

as a percent of total net sales

NET SALES BY TYPE

as a percent of total net sales

NET SALES BY GEOGRAPHY

as a percent of total net sales

At UTC, sustainability means profitable, responsible operations that do not compromise the environmental or
economic health of future generations. Twenty years ago, we were among the first companies to set sustainability
targets, and we continue to improve our environmental performance — steadily reducing greenhouse gas and chemical
emissions, energy and water consumption, and industrial waste in our operations and supply chain.

We apply the same disciplined approach to product development, designing energy-efficient products while minimizing
the amount of material used to make them and their environmental impact.

A leading voice in promoting sustainable building design, we are the only company in the world to be a founding
member of Green Building Councils on four continents. In 2014, our Carrier business convened its inaugural World
Cold Chain Summit to Reduce Food Waste, bringing together experts to develop strategies for decreasing the estimated
one-third of the world's food that goes to waste each year.

At UTC, responsible operations begin with protecting and promoting the health and well-being of our employees.
We continue to invest in the tools, processes and training necessary to allow employees to do their jobs safely
and to promote a healthy work environment.

Across the company, we continue to look for ways to improve our products, our environment and our world.

UTC reporting standards include the ongoing analysis and correction of data, as applicable, following
the close of a reporting period. Consequently, previously reported annual metric results may change
between annual reporting periods, and UTC may include any prior-year data revisions in current reporting.

The Otis Gen2 system with ReGen drive
technology captures energy generated during
an elevator's ascent and descent and recycles
it back into a building's power grid, reducing
energy consumption by up to 75 percent.

Hong Kong's iconic iSQUARE shopping complex is being
equipped with intelligent systems from UTC Building &
Industrial Systems, designed to reduce the building's energy
consumption, predict maintenance needs and manage people flow.

Carrier Transicold and Refrigeration Systems'
cold-chain solutions preserve food from field to
point of sale, helping to reduce global food waste.

Kidde's Worry-Free product line features
smoke, carbon monoxide and combination alarms,
each proven to provide a decade of protection.

The Otis Gen2 system with ReGen drive
technology captures energy generated during
an elevator's ascent and descent and recycles
it back into a building's power grid, reducing
energy consumption by up to 75 percent.

Hong Kong's iconic iSQUARE shopping complex is being
equipped with intelligent systems from UTC Building &
Industrial Systems, designed to reduce the building's energy
consumption, predict maintenance needs and manage people flow.

Carrier Transicold and Refrigeration Systems'
cold-chain solutions preserve food from field to
point of sale, helping to reduce global food waste.

Kidde's Worry-Free product line features
smoke, carbon monoxide and combination alarms,
each proven to provide a decade of protection.

Ben Dixon is a CCTV agent for Chubb in
Nottingham, United Kingdom. Founded in 1818 as a
lock manufacturer, Chubb today is a global leader in
security and fire protection.

UTC BUILDING & INDUSTRIAL SYSTEMS, the world's largest
provider of building technologies, makes modern life possible with
products that promote intelligent, sustainable buildings: elevators
and escalators; fire-safety and security systems; building automation
technology; and heating, ventilating, air-conditioning and refrigeration
systems and services.

In the Middle East, the new Midfield Terminal Complex of Abu Dhabi
International Airport, one of the world's largest airport construction
projects, will be equipped with Carrier chillers and Otis elevators
and escalators.

St. Patrick's Cathedral in New York City chose Marioff's HI-FOG
system, which suppresses fire with significantly less water than
traditional sprinkler systems, reducing water damage, cleanup
time and operational downtime.

The business maintained the momentum of UTC Climate, Controls
& Security, which has grown earnings over the last
four years while increasing margins
from 9.9 percent in 2010 to 16.5 percent in 2014.

It also continued progress on improving the growth trajectory of Otis,
where equipment orders have risen 22 percent over the last two
years, including 7 percent in 2014 on a constant currency basis.

Otis won the largest new equipment contract in its history in 2014, to
supply and install 411 escalators and 167 Gen2 elevators for a mass
transit project in Singapore. It will also supply 107 high-rise elevators
and escalators for the Abu Dhabi Plaza in Kazakhstan, which at 1,050
feet will be the tallest building in central Asia when completed in 2017.

In early 2015, Otis won the contract to provide 73 elevators and
escalators for 30 Hudson Yards, a 92-story office tower that will be
among the first buildings constructed as part of Hudson Yards on
Manhattan's West Side — the largest development in New York City
since construction of Rockefeller Center in the 1930s.

Innovation remains core to our mission. As an example of our
smart technologies, Lenel's OnGuard security platform can now
be integrated with the Otis CompassPlus building destination
management system, Edwards life safety systems and Interlogix
TruVision video recorders. This offers customers enhanced elevator
dispatching, added safety and security capabilities, and a centralized
platform for building management.

Carrier Transicold's new line of Citifresh truck refrigeration units are
designed to meet the challenges of transporting fresh food long
distances in India, where an estimated $2 billion worth of fruits and
vegetables go to waste each year because of a lack of an integrated
cold chain. Carrier introduced the expanded-capacity AquaEdge
water-cooled chiller, designed to meet the high-efficiency cooling
needs of large-scale projects in today's fast-growing cities.

Successfully completing
its first flight in September, the
Airbus A320neo is powered by
Pratt & Whitney's PurePower
PW1100G-JM engines and
equipped with nacelles, thrust
reversers, wheels and carbon
brakes, and other systems from
UTC Aerospace Systems.

Courtesy Airbus

Pratt & Whitney secured contracts for the seventh
and eighth lots of F135 engines for the F-35 Lightning II,
the next-generation fighter for the United States and its
allies. UTC Aerospace Systems is supplying multiple
systems for the aircraft.

Courtesy Lockheed Martin Corp.

Darby Capone, an assembly and test mechanic at
Pratt & Whitney's new state-of-the-art engine assembly
and test facility in West Palm Beach, Florida, which will
play a key role in supporting production of the F135
engine for the F-35 Lightning II and the PurePower
PW1100G-JM engine for the Airbus A320neo aircraft.

Successfully completing
its first flight in September, the
Airbus A320neo is powered by
Pratt & Whitney's PurePower
PW1100G-JM engines and
equipped with nacelles, thrust
reversers, wheels and carbon
brakes, and other systems from
UTC Aerospace Systems.

Courtesy Airbus

Pratt & Whitney secured contracts for the seventh
and eighth lots of F135 engines for the F-35 Lightning II,
the next-generation fighter for the United States and its
allies. UTC Aerospace Systems is supplying multiple
systems for the aircraft.

Courtesy Lockheed Martin Corp.

Darby Capone, an assembly and test mechanic at
Pratt & Whitney's new state-of-the-art engine assembly
and test facility in West Palm Beach, Florida, which will
play a key role in supporting production of the F135
engine for the F-35 Lightning II and the PurePower
PW1100G-JM engine for the Airbus A320neo aircraft.

In France, the Airbus A320neo made its maiden flight powered
by Pratt & Whitney's PurePower PW1100G-JM engines, which
also received Federal Aviation Administration type certification in
2014 — marking a key milestone in the development program and
positioning the engine to enter service well ahead of the competition.
Pratt & Whitney also delivered its first PurePower PW1200G engines
to Mitsubishi Aircraft for the MRJ regional jet, Japan's first new
commercial jet in 50 years.

Gulfstream Aerospace announced the selection of Pratt & Whitney
Canada's PurePower PW800 engine to exclusively power its
new G500 and G600 family of business jets. The PW800 engine
is optimized for long-range business jets and shares the same
proven core technology used in Pratt & Whitney's Geared Turbofan
commercial engines. AVIC Xi'an Aircraft Industry Company, China,
selected Pratt & Whitney Canada's PW150C turboprop engine to
power its new MA700 regional turboprop aircraft.

In the Military Engines business, the F-35B Lightning II fighter,
powered by the company's F135 engine, is on track to be declared
combat ready in 2015. By the end of 2014, the F135 engine had
completed more than 26,000 ground test hours and 21,500 flight
hours, proving its durability and performing flawlessly in sea trials
conducted by the U.S. Navy. In Brazil, Embraer rolled out its
KC-390 military transport, powered by V2500-E5 engines. The
V2500 is the most technologically advanced engine in its class,
with 5,350 in service today.

As it prepares to double engine production over the next five years,
Pratt & Whitney is investing in smart manufacturing technologies
and expanding capacity at facilities around the world. In 2014,
it celebrated the grand opening of its new 97,000-square-foot,
state-of-the-art engine center in West Palm Beach, Florida.

In its aftermarket business, Pratt & Whitney continues its move to
Fleet Management Programs, which benefit customers by improving
reliability and keeping engines on wing longer.

33,591

employees

$14.5 billion

net sales

$2.0 billion

operating profit

UTC Aerospace Systems

Gulfstream's new G500
and G600 long-range business
jets will be equipped with
aircraft landing gear from
UTC Aerospace Systems and
PurePower PW800 engines
from Pratt & Whitney Canada.

Krzysztof Walawender, a mill operator for
complex cylindrical components at UTC Aerospace
Systems, in Rzeszów, Poland, where landing gear
components for multiple aircraft are manufactured,
including the Boeing 737 and 777, and the
Airbus A380 and A350.

Gulfstream's new G500
and G600 long-range business
jets will be equipped with
aircraft landing gear from
UTC Aerospace Systems and
PurePower PW800 engines
from Pratt & Whitney Canada.

Krzysztof Walawender, a mill operator for
complex cylindrical components at UTC Aerospace
Systems, in Rzeszów, Poland, where landing gear
components for multiple aircraft are manufactured,
including the Boeing 737 and 777, and the
Airbus A380 and A350.

Developing more integrated, more intelligent systems

UTC AEROSPACE SYSTEMS, celebrating its second anniversary,
continued building momentum as the world's leading supplier of
integrated aerospace solutions. Every second, a commercial flight
takes off equipped with our systems, designed to make aircraft safer,
lighter, more reliable and more efficient. UTC Aerospace Systems
anticipates that current programs offer the potential for future sales
of more than $200 billion over the life of those programs.

The company designed and built systems that supported
numerous industry milestones, including the entry into service of
the Boeing 787-9 Dreamliner; first flight of the Airbus A320neo; and
rollout of the Mitsubishi MRJ regional jet, the Gulfstream G500
and G600 business jets, and the Embraer KC-390 military transport.
Technology from UTC Aerospace Systems was integral to the
fly-by-wire control systems used to enhance flight handling and
reduce pilot workload on two high-performance military aircraft
rolled out by Sikorsky: the S-97 RAIDER armed reconnaissance
helicopter and the CH-53K King Stallion heavy-lift helicopter.

UTC Aerospace Systems also won significant content on new
platforms, including the Boeing 777X, 787-10 and 737 MAX;
the second generation of the Embraer E-Jet aircraft family; and
the AVIC MA700 regional turboprop aircraft. In the aftermarket, the business signed long-term
agreements with premier customers, including All Nippon Airways,
China Airlines and JetBlue Airways.

UTC Aerospace Systems also expanded its global footprint to
be closer to customers and increase operational efficiency. New
locations included a Global Engineering Center in Wrocław, Poland,
and a facility in Toulouse, France, to support thrust reverser production
for the Airbus A350 XWB. In China, the UTC Aerospace Systems joint
venture with AVIC EM began operations to develop and manufacture
the electric power system for the new C919 jetliner, built by the
Commercial Aircraft Corporation of China.

42,550

employees

$14.2 billion

net sales

$2.4 billion

operating profit

Sikorsky Aircraft

The S-97 RAIDER helicopter
with X2 Technology has a
cruising speed twice that of
conventional helicopters.

The U.S. Navy selected Sikorsky to develop the next fleet of Marine One
helicopters to carry the president of the United States — a responsibility that has
been entrusted to Sikorsky since the administration of Dwight D. Eisenhower,
who in 1957 became the first U.S. president to fly in a helicopter. The next
Marine One will be built on the proven Sikorsky S-92 platform.

The new CH-53K King Stallion
heavy-lift helicopter will effectively
triple the external load-carrying
capacity of its predecessor.

The S-97 RAIDER helicopter
with X2 Technology has a
cruising speed twice that of
conventional helicopters.

The U.S. Navy selected Sikorsky to develop the next fleet of Marine One
helicopters to carry the president of the United States — a responsibility that has
been entrusted to Sikorsky since the administration of Dwight D. Eisenhower,
who in 1957 became the first U.S. president to fly in a helicopter. The next
Marine One will be built on the proven Sikorsky S-92 platform.

The new CH-53K King Stallion
heavy-lift helicopter will effectively
triple the external load-carrying
capacity of its predecessor.

Pioneering flight solutions that bring people home — every time

SIKORSKY, whose name has been synonymous with helicopters
for nearly 80 years, today remains an industry leader through its
commitment to innovation, excellence and safety, serving commercial
and military markets worldwide.

In 2014, Sikorsky secured every strategic competition it entered — a
string of wins that contributed to a record backlog and sets the stage
for long-term organic growth.

The company won contracts to develop the next fleet of Marine One
helicopters for the U.S. president and combat rescue helicopters for
the U.S. Air Force. The U.S. Army also selected the Sikorsky-Boeing
SB>1 Defiant demonstrator, a medium-lift helicopter configured
to Sikorsky's X2 coaxial design, as one of two finalists in the Joint
Multi-Role Technology Demonstrator program to compete for a future
next-generation vertical-lift aircraft program.

Sikorsky continued its momentum in international markets. It
signed agreements with the Turkish government and key aerospace
companies there to license production of 109 helicopters — the
Turkish variant of the S-70i BLACK HAWK helicopter. India's Navy
selected the S-70B SEAHAWK for its multi-role helicopter needs,
representing a major strategic win in an important growth market.

Sikorsky rolled out two new advanced military helicopters — the
CH-53K heavy-lift helicopter for the U.S. Marine Corps and the X2-based
S-97 RAIDER armed reconnaissance helicopter, both scheduled to
begin flight tests in 2015. These two programs will set new standards
for helicopter performance and represent the future of vertical flight.

On the commercial side, the company delivered a record number
of its best-selling S-92 helicopters, with the global fleet growing to
220 aircraft and accruing nearly 769,000 flight hours since its
introduction. The new S-76D helicopter has quickly spread to markets
around the world, including the United States, China, Japan and
South Africa. The Yunnan Jingcheng Group took delivery of China's
first S-76D helicopter, configured for transportation of corporate and
government VIPs. Sikorsky also delivered the first search-and-rescue
variant of the S-76D to the Japanese Coast Guard. The worldwide
legacy S-76 fleet has now flown more than 6.6 million hours.